The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.

The Federal Reserve Bank of New York today released A Look at New Jersey’s Subprime Mortgages in Foreclosure , the first article in the new series, Community Affairs Forum: Facts & Trends. The first set of articles in the Facts & Trends series will have a shared focus on subprime mortgage conditions around the region. These articles will augment the dynamic maps of nonprime mortgage conditions currently available on the New York Fed’s website.

"A Look at New Jersey’s Subprime Mortgages in Foreclosure" traces patterns of regional variation in, and neighborhood concentration of, owner-occupied subprime mortgages in foreclosure. New Jersey ranks fifth amongst states in subprime mortgages in foreclosure per 1000 housing units and exceeds the U.S. ratio. The highest concentration—a combined 25 percent of the state’s total number—is in Essex and Union counties. Within these two counties, zip code-level data reveal that about 75 percent of foreclosure activity occurs in neighborhoods that are grouped together and tend to have relatively lower household incomes.

Developed by the Bank’s Community Affairs function, the Facts &Trends series will provide analytical summaries intended to present key facts on topical issues to assist governments, community advocates and others to better understand, monitor and address specific economic concerns within the Federal Reserve's Second District.